India and Morocco signed MoU to enhance cooperation in MSME Sector
India and Morocco signed a MoU for deepening cooperation between MSME sectors of the two countries. The MoU was signed by CMD, National Small Industries Corporation (NSIC), Ravindra Nath and Director General, Maroc PME, Mr. Rabri Barrazouka. Through this MOU, the NSIC and Maroc PME will work together to enhance cooperation opportunities for MSMEs of both countries. It will facilitate the transfer of Indian technologies and products to Morocco.
About India-Morocco Bilateral Relations
- India and Morocco have enjoyed cordial and friendly relations and bilateral relations have witnessed significant growth.
- India-Morocco joint venture in the fertilizer sector in Morocco, called IMACID, was set up in November 1999. At present, the JV is producing around 430000 MT per annum of phosphoric acid, nearly all of which is imported by India.
- The quantum of bilateral trade, which was USD 1.63 billion in 2010, reached USD 2.04 billion in 2011. However, in 2014, it decreased and stood at USD 1.36 billion.
- Indian exports to Morocco in 2014 decreased by 21.6 percent, compared to the previous year while Moroccan exports to India registered an increase of 10.2 percent in 2014.
- Indian industry and business associations CII, FICCI, and ASSOCHAM have institutional arrangements with Moroccan industry and business associations